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Solution Library
how to calculate gain or loss on assets
Question
The following information relates to the pension plan for the employees of Turner Co.
1/1/12 1/1/13 1/1/14
Projected benefit obligation 2,790,000 2,988,000 4,002,000
Fair value of plan assets 2,550,000 3,120,000 3,444,000
AOCI- net (gain) or loss 0 (432,000) (480,000)
Settlement rate (for year) 11% 11%
Expected rate of return (for year) 8% 7%
Turner estimates that the average remaining service life is 16 years. Turner's contribution was $378,000 in 2013 and benefits paid were $282,000.
The unexpected gain or loss on plan assets in 2013 is
a. $19,680 loss.
b. $11,280 gain.
c. $9,600 gain.
d. $107,280 gain
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